|Name of Company:||Intercontinental Marine Service Corporation|
|Date of Rehabilitation:||July 28, 2009|
|Date of Liquidation:||December 18, 2009|
|Policy Cancellation Date:||December 18, 2009|
|Claims Filing Deadline:||February 28, 2011|
|Date of Discharge:||April 30, 2014|
|Type of Coverage:||Warranties|
|State of Domicile:||Florida|
|Status of Receivership:||Closed|
Notice of Receivership
On December 18, 2009, Intercontinental Marine Service Corporation d/b/a First Warranty Group of Florida ("IMSC") was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida ("Court"). The Florida Department of Financial Services was previously appointed as Receiver of IMSC on July 28, 2009, when the company consented to be placed in receivership for purposes of rehabilitation. Unfortunately, after the Receiver had the opportunity to review the books and records of IMSC, it became clear that the company lacked the financial resources for a successful rehabilitation. To view a copy of the order placing the company in liquidation, click here.
On November 12, 2010, the Court issued an order extending the claim filing deadline in the IMSC estate until February 28, 2011. To view a copy of the order, click here.
IMSC was a Florida corporation that was licensed in Florida in 2003. The company previously issued motor vehicle service agreements and service warranty agreements in Florida, Texas, North Carolina and Oklahoma. In October, 2007, IMSC surrendered its Florida insurance license. At this time, it is estimated that the company had approximately 10,000 in-force policies in Florida and other states.
All warranty agreements written by IMSC were cancelled as of 11:59 p.m. on December 18, 2009, the date of liquidation. The Receiver previously sent a notice of the liquidation proceeding to the known IMSC warranty policyholders. The Receiver also sent a notice of the liquidation to the automobile dealers which sold the company's warranties and asked for their assistance in notifying warranty policyholders of the policy cancellation and other matters pertaining to the receivership.
THERE IS NO GUARANTY ASSOCIATION COVERAGE FOR WARRANTY AGREEMENTS
The lack of guaranty association coverage impacts both the warranty/policy cancellation date and claims payments.
Warranty owners will need to file a proof of claim form any return premium owed to them as a result of their cancelled warranty agreement. On December 16, 2010, the Receiver mailed proof of claim forms to all known potential claimants. If you have an unearned premium claim against the IMSC estate, you will need to sign and submit a proof of claim form to the Receiver prior to the claims filing deadline of February 28, 2011.
There were a small number of letters sent claimants that previously submitted their unearned premium claim to the Receiver on a claim inquiry form while the company was in rehabilitation. This letter acknowledged the receipt of the received unearned premium claim and provided the assigned Receiver Claim Number ("RCN"). If you do not receive a letter acknowledging your claim or if you don't receive a proof of claim form with the claimant type, "Unearned Premium", pre-printed on the proof of claim form, the Receiver has no record of your unearned premium claim. You will need to contact the Receiver to request a proof of claim form so you can file your claim prior to the claim filing deadline of February 28, 2011.
Repair Claims (Loss Claims)
On December 15, 2010, the Receiver mailed letters to claimants that previously either filed a repair claim with IMSC prior to the receivership being initiated or with the Receiver after the company was placed into rehabilitation. This letter acknowledged the receipt receipt of the previously filed claims and provided the assigned Receiver Claim Number ("RCN"). If you receive a letter for any previously submitted repair claims, no further action is required by you at this time. If you do not receive a letter, you will need to file a proof of claim form in order to file your repair claim against the estate.
On December 16, 2010, the Receiver mailed proof of claim forms to a small number of claimants who had previously contacted the Receiver trying to file a loss claim. If you have a repair claim but do not receive a letter acknowledging your claim or if you don't receive a proof of claim form with the claimant type, "Loss Claim", pre-printed on the proof of claim form, the Receiver has no record of a submitted repair claim. You will need to contact the Receiver to request a proof of claim form so you can file your claim prior to the claim filing deadline of February 28, 2011.
On 11/20/2012, the Receiver mailed Notices of Determination to all known claimants. Only Classes 1 and 2 were evaluated and the amount recommended along with the class assignment are identified in the notice. Insufficient funds prohibited evaluation of Classes 3 through 11; therefore, the Amount Recommended Claimant field will be blank. The Objection Filing Deadline is January 15, 2013. Objections were not accepted after this date.
On December 18, 2013, the Receiver mailed 1,788 distribution checks which totaled $583,252.56 to all Class 2 claimants. This represents 44.13% of the amount recommended on the Notice of Determination for these claims, which is based on funds available in the estate at the time of this distribution. These checks have a 60 day stale date and no checks will be re-issued after January 31, 2014. The Receiver does not anticipate further distributions from this estate.
On April 10, 2014, Judge Terry Lewis signed the Order discharging the Receiver from all duties, obligations, and liabilities in the administration of the IMSC estate as of 11:59 P.M. on April 30, 2014.